US BANCORP \DE\ — Director's Dealing 2007

Jul 25, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-07-25

Reporting Person: GRUNDHOFER JERRY A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-25	Common Stock, $0.01 par value	M	55735	—	Acquired	55735	Direct
2007-07-25	Common Stock, $0.01 par value	G	55735	—	Disposed	0	Direct
2007-07-25	Common Stock, $0.01 par value	G	55735	—	Acquired	393035	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-25	Deferred Compensation Plan Participation	$	M	55735	Disposed		Common Stock (55735)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	25214.529	Indirect
Common Stock, $0.01 par value	24782.2928	Indirect

Footnotes

F1: The shares acquired were a distribution from the Reporting Person's deferred compensation account resulting from the termination of his employment with U.S. Bancorp. Each Deferred Compensation Plan Participation was the economic equivalent of one share of U.S. Bancorp common stock.

F2: The transaction involved a gift of securities by the reporting person to his family trust.

F3: Based on a plan report dated June 30, 2007, the most recent plan report available.

F4: Deferred Compensation Plan Participation is valued against U.S. Bancorp common stock on a one-for-one basis and is payable in common stock at certain times following the termination of the Reporting Person's employment with U.S. Bancorp.

F5: Deferred Compensation Plan Participation was distributed to the reporting person in the form of shares of U.S. Bancorp common stock.

F6: Each Deferred Compensation Plan Participation was the economic equivalent of one share of U.S. Bancorp stock.

F7: Includes additional amounts acquired pursuant to a dividend reinvestment feature of the U.S. Bancorp Deferred Compensation Plan.